FRANKLIN, Tenn.--(BUSINESS WIRE)--CLARCOR Inc. (NYSE: CLC) announced that it has acquired the Bekaert Advanced Filtration business from NV Bekaert SA for a purchase price of approximately €6 million ($8 million), before various contractual adjustments. The Advanced Filtration business is engaged in the same line of business as CLARCOR’s subsidiary, Purolator EFP – the manufacture and supply of engineered metal filters and systems used primarily in the polymer fiber and plastics industries.
With estimated 2013 sales of approximately €15 million ($20 million), the business, which has been renamed Purolator Advanced Filtration, has approximately 170 employees and manufacturing facilities located in Belgium and Indonesia, as well as sales personnel in North and South America. The transaction also includes a supply contract under which the combined business can continue to purchase specialized Bekipor® metal fiber filtration media from Bekaert for incorporation into certain of the company’s products. The acquisition is not anticipated to be materially accretive or dilutive to CLARCOR’s 2014 earnings.
Christopher L. Conway, CLARCOR’s Chairman, President and Chief Executive Officer commented, “Bekaert is known in the industry for its top level engineering capabilities and superior product quality, and it is not uncommon for customers with demanding applications to insist upon Bekaert Advanced Filtration systems and filters. The acquisition of the Advanced Filtration business will expand the technical capabilities of Purolator EFP, improve the product offerings that the company brings to market and help us continue to grow in Europe and in Asia.”
Commenting on the acquisition, Oliver Forberich, the General Manager of Bekaert Fiber Technologies, agreed with Mr. Conway, stating, “This transaction makes perfect sense for both parties. As a leader in polymer and plastics filtration, Purolator EFP can grow its global footprint and leverage its product catalog and sales and marketing strengths, while at the same time Bekaert will focus on its core strength of providing advanced metal filtration media.”
CLARCOR is based in Franklin, Tennessee, and is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. Common shares of CLARCOR are traded on the New York Stock Exchange under the symbol CLC.
Bekaert (www.bekaert.com) is a world market and technology leader in steel wire transformation and coatings. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing 27,000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4.4 billion in 2012.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release other than statements of historical fact, are forward-looking statements. These forward-looking statements may include, among other things: statements and assumptions relating to the expected results of operations of the business to be acquired; statements regarding the anticipated economic conditions of the industries and markets that we serve; statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events; statements relating to the Company’s business and growth strategies; and any other statements or assumptions that are not historical facts. The Company believes that its expectations are based on reasonable assumptions. However, these forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company’s actual results, performance or achievements, or industry results, to differ materially from the Company’s expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These risks include the failure to realize the economic and strategic benefits of the transaction, the failure to retain the acquired business’ customer base, including those customers referenced above as having demanding filtration needs, the risks of not being able to integrate the acquired business with our own or to maintain or improve the acquired business’ performance. In addition, the Company’s past results of operations do not necessarily indicate its future results. The Company’s future results may differ materially from the Company’s past results as a result of various risks and uncertainties, including the risk factors discussed in the “Risk Factors” section of the Company’s 2012 Form 10-K and other risk factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release. Except as otherwise required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements or the risk factors described in this press release, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.
